March 21, 2022

2022 – 03/10

It may not be too late to lower your 2021 tax bill. You may still be able to contribute to an IRA until the due date of your 2021 tax return (April 18 this year). Be sure to designate the contributions for 2021. Generally, eligible taxpayers can contribute up to $6,000 to an IRA for 2021 (and 2022), or $7,000 for those age 50 and older. Also, those who contribute to certain employer retirement plans may qualify for the Saver’s Credit. Eligible plans include 401(k), 403(b), ABLE accounts or IRAs. The credit is based on the filing status, adjusted gross income of the taxpayer and the contribution amount. Here’s more:  Still have questions? We have answers!